First Home Buyer MISTAKES 😰 11 Hidden Costs when buying your First Home in Australia (updated 2024)

First Home Buyer MISTAKES 😰11 Hidden Costs of buying a home (updated 2024) first home buyers miss!
When I first got started with buying my first home… I didn’t have a huge deposit.
In fact, I had less than 5%, so I could only just afford the property and definitely couldn’t afford any unexpected costs.
So what’s the problem with this?
I almost got caught out.
In this video we cover the 11 Hidden Costs when Buying Your First Home
00:00 First Home Buyer MISTAKES 😰 11 Hidden Costs when buying your First Home in Australia
00:51 1. Lenders Mortgage Insurance
02:27 2. Costs of Borrowing (Home Loans)
03:45 3. Government Fees in Brisbane
05:04 4. Stamp Duty in Brisbane
06:29 5. Council & Water Rates
07:44 6. Strata (Body corporate) Fees
10:01 7. Home & Contents Insurance
11:35 8. Legal Costs (Solicitor/Conveyancer Fees)
13:22 9. Building & Pest Reports
16:17 10. Moving + Connection Costs
19:35 11. BONUS TIP: Changes to monthly repayments
For more info www.huntergalloway.com.au/hid...
For home loan enquiries
[e-mail]
Find Jayden here:
www.huntergalloway.com.au/fre...
/ mortgagebrokerbrisbane
www.huntergalloway.com.au/aut...
/ jaydenvecchio
T: 1300 088 065
E: [e-mail]
Hunter Galloway: Mortgage Broker Brisbane
Head Office: 3A/70 Prospect Terrace Kelvin Grove, QLD 4059
PO Box 2044, Kelvin Grove, QLD 4059
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000
Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
Next steps and settling your first home
Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.
Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.
If you want to get started, please get in touch and we can book a time that suits you - either a phone call information session or a face to face meeting (which doesn’t cost anything for you).
www.huntergalloway.com.au/con...
DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.
Full Disclaimer here - www.huntergalloway.com.au/you...

[@MortgageBrokerAustralia]

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[@lachlanbrown8110]

Awesome video, loved the tips. I'm only 20 but I started saving for my deposit when I got my first job at 15. Can't wait to buy my first house! 😀

[@MortgageBrokerAustralia]

Great stuff Lachlan! Keep up the savings, its always the hardest part but good to hear you've had a 5 year head start!! If you had any topics you wanted me to cover in future videos let me know. Thanks, Jayden.

[@josheesoso9565]

If you don’t mind me asking brother how much are you up to? I’m 22 & started saving 2 months ago ( now I have a good job ) and I’m just shy of 4K. Decided to stay away from new cars and holidays and go for gold. Goodluck on your journey my dude 🤙

[@lachlansalter6829]

I really like how you made a list of what tips were talked about and when in the description.

[@MortgageBrokerAustralia]

Thanks Lachlan hopefully it was helpful!

[@nellieahwong824]

So glad i found this channel. Thank you for the awesome info!

[@MortgageBrokerAustralia]

Thanks so much for watching! Appreciate it. Cheers, Jayden.

[@hesitantpossum]

Thank you so much! Very informative, helpful, and straightforward :)

[@MortgageBrokerAustralia]

Thanks so much @hesitantpossum! 🙌 because you took the time to leave a comment I'd love to take the time to post you a copy of our book on the 3 simple steps to home buying - assuming you're in Australia please shoot me a copy of your address and I'll get it into the post [e-mail] 📬

[@rambukah76]

I am so glad I found your channel. Thank you!!!

[@MortgageBrokerAustralia]

Thank you so much for watching Rebecca!!!! Woo Thanks again, Jayden.

[@nniaga04]

Thanks so much for the tip on backloading, I’m in the process of moving interstate and this is very timely info to have, thank you 😀

[@MortgageBrokerAustralia]

Glad it was helpful!

[@paullafaele]

This video is great! Thank you so much, I have a clearer understanding now. So honest, so helpful.

[@MortgageBrokerAustralia]

Glad it was helpful!

[@jasonjosephdirector9072]

Such a great video. Well laid out and explained so eloquently. Great work!

[@MortgageBrokerAustralia]

Thank you kindly!

[@Bumblebee1357]

This is amazing! so helpful, i've been tossing up whether to buy or not and this gives me a lots of things to think about

[@MortgageBrokerAustralia]

Glad it was helpful!

[@giffiengo5729]

This video saved my (first home buyer) life! 🙏 Love that your tips were focused on necessities and minimising risks

[@MortgageBrokerAustralia]

Glad it helped

[@mohdshahnawaz3864]

Thank you so much for this valuable information. Absolutely loved this video:)

[@MortgageBrokerAustralia]

You are so welcome!

[@PatchBrennan]

Great video, some awesome tips! great job. Hoping to enter the Brisbane market in 2020!!

[@MortgageBrokerAustralia]

Thanks @Patch! Really appreciate it, if you're looking at the Brisbane market make sure you check out our video kzbin.info/www/bejne/jKHPq3udfKuAmdk hope you enjoy! Good luck and any questions let me know. Jayden.

[@HelpfulBearGaming]

its good to see informative real estate videos coming from a local source. I'm from the Goldy haha a lot more applicable than the US videos I had been watching

[@MortgageBrokerAustralia]

Hahaha awesome to hear! Thanks for watching Samuel! Cheers, Jayden

[@julianne24601]

This was super helpful! Thank you!!

[@MortgageBrokerAustralia]

Glad you found it helpful Janna!! Thanks for watching

[@rararosee5393]

This was explained honestly and with care for those of us who aren’t aware. How did you get into this field of work? This is something I am interested in!

[@MortgageBrokerAustralia]

Thanks Rara appreciate it! I got into finance after going to university, just started working with a bank initially and learned from there. Cheers, Jayden.

[@brendancolley7353]

Great video, thanks for making

[@MortgageBrokerAustralia]

Hey Brendan thanks so much for the comment! Hope you learnt something from the video! Because your comment has made my day I’m going to send you a free copy of our book Home & Hosed the 3 steps to buying your home. Shoot me an email with your address (assuming you're in Australia) and I’ll get it into the post - [e-mail] thanks mate! Jayden.

[@ShaunCraikeSmartInvesting]

Great insights, property is certainly an exciting space to be investing in.

[@MortgageBrokerAustralia]

Thanks Shaun, appreciate the comment.

[@nicolemoffat88]

So helpful thank you just going through this right now

[@MortgageBrokerAustralia]

No worries Nicole! Any questions let me know!

[@yaranoor594]

Great video as usual. Do you have any tips or advice on pre settlement inspection for brand new houses (house and land package) ?

[@MortgageBrokerAustralia]

Hey @YaraNoor thanks much appreciated! You're in luck, we actually have a pre-settlement checklist you can get from www.huntergalloway.com.au/wp-content/uploads/2019/02/House-Settlement-Checklist.pdf and even a moving checklist www.huntergalloway.com.au/resources/. You definitely want to do a walk through to check for defects, chipped paint, etc that the builder can fix up for you before you take the place over.

[@dinkum83]

Great info mate! 👍

[@MortgageBrokerAustralia]

Thanks! 👍

[@micksmithYCA]

Very handy tips my friend!!

[@MortgageBrokerAustralia]

Thanks Mick! Appreciate it if you have any other questions let me know! As a bonus for the comment I’d love to post you a copy of our book Home & hosed the 3 steps to buying a home (assuming you’re in Australia) shoot me your address and I’ll get it into the mail - [e-mail]

[@TopbrokerAus]

#9 Building & Pest is solid, good tip cheers.

[@MortgageBrokerAustralia]

Haha yeah, it saved me hundreds of thousands of dollars over the past few years!

[@JournalWatch359]

This video is amazing. Thank you. ❤️❤️❤️

[@MortgageBrokerAustralia]

You are so welcome!

[@jarrah1854]

Very helpful! Thank you very much for a informative video!

[@MortgageBrokerAustralia]

Glad it was helpful!

[@maxdilly99]

Thanks so much mate!

[@MortgageBrokerAustralia]

You're welcome!

[@jonathandavis2579]

Very succinctly explained. You've added another subscriber here. Thanks heaps!

[@MortgageBrokerAustralia]

Thank you!

[@YodatheJedi12]

Thanks, very helpful video

[@MortgageBrokerAustralia]

No worries at all @PrinceZuko thanks for watching!

[@seanstark7369]

Good vid I learned a fair bit of new info

[@MortgageBrokerAustralia]

Thanks so much for watching Sean!! Cheers, Jayden.

[@rikischaumkell4931]

we’re in the process of buying our first house now and it’s so overwhelming. Thank you for this extremely helpful advice!

[@MortgageBrokerAustralia]

No worries at all Riki thanks so much for watching! You might find some other useful tools on our site - www.huntergalloway.com.au/resources/ cheers

[@jarn22]

Great tips and it's finally eased my anxiety and to hopefully purchase my first home soon haha

[@MortgageBrokerAustralia]

Happy to help! If you have any other questions let me know ! Cheers, Jayden.

[@AffiliateMarketingMatrix]

great video. very helpful. thanks bud

[@MortgageBrokerAustralia]

No problem 👍

[@larysasyzonenko7705]

Great video. Thank you!

[@MortgageBrokerAustralia]

Thanks for watching!

[@jacqepapara7898]

Thanks for the info awesome

[@MortgageBrokerAustralia]

No problem 👍

[@chiefouko]

I loved your tips gave me Soo much insight into buying my first home. Problem is am looking for a house in Victoria Geelong. Your tips are definitely helpful

[@MortgageBrokerAustralia]

Glad it was helpful!

[@aaryaputra108]

When should you get a building and pest report done? After you've gone for a home inspection at an open home? Or literally, like you said in the video, before you sign the contract (which I would have thought is a bit late into the process)?

[@MortgageBrokerAustralia]

Heyya depends on the state you are in but in QLD you get it after you've signed the contract.

[@IveJustGotTheNack]

Great video thanks

[@MortgageBrokerAustralia]

Thanks so much for watching Jed!

[@velociraptor5962]

And they wonder why it’s hard to buy a house. These fees are madness. Absolutely ridiculous. This is probably why I’ll rent all my life. I hate it.

[@MortgageBrokerAustralia]

Hey @VR, yeah there are a bunch of fees I guess also you need to remember its a pretty large transaction - compare it to fees of say uber eats as a % cost- You order a burger etc for $30 and pay $4.95 delivery fee which is like 16% fee - if the % fees were this high on a home it would be much worse!!

[@amandagillard7351]

Thanks so much; I was wondering what all the "small" costs would add up to. There might be one more - connections of electricity and internet . . . .

[@MortgageBrokerAustralia]

Thanks Amada, great question. The costs range, however, an example of some below: Conveyancer and Legals costs/searches: $1,500 Building and Pest Inspection: $500 Moving Costs: $200+ Cleaning Costs: $100+

[@clairebear6958]

Thank you!

[@MortgageBrokerAustralia]

Appreciate you watching @Claire Bear! Cause you took the time to leave a comment I'd love to take the time to post a copy of our book Home & Hosed: 7 steps to buying a home to you for FREE - shoot me your address and ill pop it into the post - [e-mail] cheers, Jayden.

[@realwealthwithstefanangelini]

Incredible video.

[@MortgageBrokerAustralia]

thanks for watching

[@kristybutterfield3737]

Thank you! Thank you! Thank you!

[@MortgageBrokerAustralia]

You are so welcome!

[@NicolaMilan]

helpful! Thanks :)

[@MortgageBrokerAustralia]

Thanks so much Nicola! 🙌 because you took the time to leave a comment I'd love to take the time to post you a copy of our book on the 3 simple steps to home buying - assuming you're in Australia please shoot me a copy of your address and I'll get it into the post [e-mail] 📬

[@asharma5880]

Hi when do you do the pest and building report when you are going for an auction?

[@MortgageBrokerAustralia]

Hey Anjali, great question. You need to have completed your building and pest (and all due diligence) before auction. Once the hammer goes down, you own the place - here are a few vides we've done that cover this - kzbin.info/www/bejne/rZKblq1vfZqJgbs and kzbin.info/www/bejne/aabHqKiBiNB-lbs and kzbin.info/www/bejne/rZKblq1vfZqJgbs

[@blackletter2591]

The Strata report ought to be free. They are already written for the Owner's Committee, so all the Strata Manager is doing is emailing you a copy. But the SMs know every rort in the book.

[@MortgageBrokerAustralia]

100%

[@MrRichard709394]

Awesome video. But I am wondering how to calculate the interest amount in Tip1, take a interest rate at 6% as an example, 5820*6%*30=10476, not that much. Did I use the wrong assumption on interest rate😢

[@MortgageBrokerAustralia]

Hi Richard. Great question. To calculate the lenders mortgage insurance feel free to check out this calculator: www.huntergalloway.com.au/lmi-calculator/ or to work our repayments feel free to us this calculator: www.huntergalloway.com.au/home-loan-extra-repayment-calculator/

[@johney3734]

It seems stamp duty is the same as deposit

[@MortgageBrokerAustralia]

Yes, it is part of the deposit. However, it's important to clarify that stamp duty and the deposit are not the same thing. Stamp duty is a state tax paid on the purchase of a property, while the deposit is part of the purchase price that you pay upfront. You need to pay both to get a home, so you might pay 5% deposit + stamp duty in total.

[@susanneemerson353]

Thankyou :)

[@MortgageBrokerAustralia]

No worries!

[@bobbysandhu11]

thanks mate

[@MortgageBrokerAustralia]

You're welcome!

[@user-zh4xe6ew4b]

Great video

[@MortgageBrokerAustralia]

Thanks!

[@gmcd1987]

Come a long way from Via Vecchio mate, nice video and super hand. Cheers.

[@MortgageBrokerAustralia]

Hey mate!!! Hahah yeah it has been ages hope you've been really well! I can still make a mean espresso! Cheers, Jayden.

[@gmcd1987]

@@MortgageBrokerAustralia I would hope so too! Life is good, you'll be pleased to know youtube put your video up first and that blew my mind hahaha!

[@MortgageBrokerAustralia]

@@gmcd1987 LOL YT can see your memories! Scary thought lol

[@nellieahwong824]

Do you also recommend clearing a land tax certificate?

[@MortgageBrokerAustralia]

Hey Nellie, its probably worth it the clearance certificate protects you (a purchaser) from any outstanding land tax liability by a previous owner.

[@LauraStar127]

my husband and I have 600k in funds .. where is the best place to purchase in Victoria to ensure we get most for our money?

[@MortgageBrokerAustralia]

Hey Laura, great question but not easy to answer unfortunately 🤣 Best to do your research (follow the steps kzbin.info/www/bejne/gYm5pmyCpZWinbc) or chat to a buyers agent that can give you suggestions.

[@november132]

Can't believe how much land and water rates are fml. Also I despise body corp. Can afford an apartment in the valley but not the body corp!!! Some body corp fees are so high that after a few years you would've paid the value of your apartment!!! Makes me wonder how rich people are able to part with that money lol

[@MortgageBrokerAustralia]

So true its those little costs that suck! Thanks for watching Cheers Jayden

[@CheriseVecchio]

The struggle is real 😂😥!! Haha

[@MortgageBrokerAustralia]

Haha thanks Cherise! Keep saving you'll get there! 🏡 🏡 🏡

[@wallacew6904]

So true

[@wallacew6904]

Great video, wish I had found this a few years before buying my first home.

[@MortgageBrokerAustralia]

Haha that's always the case! It might be able to help on your next home purchase! 🙌

[@michellenguyen4430]

Hi guys, Loving your videos so far! I was wondering if you could make a video for first home buyers that are buying alone? Single income and earning an average income with less than 20 % deposit (approx 10%) Disadvantages and advantages, what the bank looks for etc? Or if you already have a video. Could you please let me know which one it is? Thank you :)

[@MortgageBrokerAustralia]

Great suggestion! Will put it on the pad :)

[@michellenguyen4430]

@@MortgageBrokerAustraliaalso mainly if it is actually possible too! thank you :)

[@caleandpepking8101]

Eeeeee Ile have my deposit this coming year 😏😁 I can't wait it's going to be sick !

[@MortgageBrokerAustralia]

Thanks for watching Cale and Pep!

[@sharonreeves1667]

What if not a first home buyer and what what is out there for older ones 62. Sick of first home buyer stuff help older renters

[@MortgageBrokerAustralia]

Thanks Sharon, that's a great question and unfortunately there isn't alot

[@nitro7726]

great video

[@MortgageBrokerAustralia]

Thanks for watching Nitro

[@priscilla3393]

Schools in Australia should hire you to give lectures/workshops to highschool students.

[@MortgageBrokerAustralia]

Thank you for your kind words @Panne Thanks for watching :)

[@bobbysandhu11]

make one for Sydney box hill

[@MortgageBrokerAustralia]

Haha will do!

[@MortgageBrokerAustralia]

For more info, and a free guide to buying a home in Brisbane have a look here www.huntergalloway.com.au/hidden-costs-buying-home-brisbane/

[@massimilianomarrazzo2392]

What about title insurance?

[@MortgageBrokerAustralia]

Great question Massimiliano, this might be something you'd get advise on by your solicitor or conveyancer. However, you would get the property insured.

[@TemaCoolServiceKiribati]

Is this applies to NZ?

[@MortgageBrokerAustralia]

Hey Paul, the rules are a little different in NZ - I know you don't need to pay stamp duty so might need to check with an expert from over there! Cheers

[@pumba6099]

OR just dont get a loan and just rent and invest,,

[@MortgageBrokerAustralia]

Haha yeah no reason why you couldn't do that!

[@Senninha1960]

Nice Submariner sir and sound advice 👍

[@Senninha1960]

hmmm might be a Sea Dweller

[@MortgageBrokerAustralia]

Hahah well spotted it's a sea dweller.

[@visswaayful]

Faaaaaaakkkkkk do I really want a house now. Thank you for your help

[@MortgageBrokerAustralia]

🤣 your most welcome!

[@graceandtruth13]

How much is broker’s fees? We are looking for a property in Brisbane.

[@MortgageBrokerAustralia]

Hey David, great question. Most brokers do not charge fees as we are paid by the banks. In our case we do not charge any fees as all for our services. Appreciate the question because you've made my morning I'd love to send you a copy of our book which will help with buying a property in Brisbane - shoot me your address and I'll get it in the post [e-mail]

[@thunderpop20]

I’m looking to buy my home

[@MortgageBrokerAustralia]

Thanks for watching!

[@gerinx3994]

Whatever you do, don’t go with “positive property solution” to help you find a home or investment property to purchase. In my opinion, George markoski doesn’t inform you of the costs or fees or change in mortgage repayments. You run into those costs and are taken by surprise, and he’s no help at all. I wish I never got involved with him. Buy a townhouse and it’ll always be negatively geared.

[@MortgageBrokerAustralia]

Thanks for watching!

[@modvs1]

His name was "Gary".

[@MortgageBrokerAustralia]

Hahah it was i swear!

[@MortgageBrokerAustralia]

For free home buying resources, calculators and downloads check out the First Home Buyers Hub www.huntergalloway.com.au/hub

[@helengetahun9667]

Mortgage Broker Brisbane - Hunter Galloway Ezra try hi-

[@scottedgar2127]

Mortgage Broker Brisbane - Hunter Galloway we’re hujujjujujjiki lmh: b3Zx⛺️🐊☹️🙁🙁🙁🙁🙁😶🤗🤗

[@babarwaheed9169]

Quick question, the initial deposit that we pay for land & home i-e $10k for land & 5% for the build, is bank going to consider that as a deposit? Let say value of home and land package is $100k and i paid $5k for land & $5k for home, and bank valuation is $80k. I know that i have to pay $20k to cover the gap. but 20% of deposit will be of $100k or $80k?

[@nofear5056]

Please be happy with what you have and don't be to greedy and volunteer your time to others and give to the poor and needy . Thanyou Jesus

[@MortgageBrokerAustralia]

Thanks for watching No Fear!

[@AsimovVibes]

Your mumbling is very hard to understand. Slow down, breath, articulate. Thank you for the knowledge

[@MortgageBrokerAustralia]

Hi @S James, appreciate the feedback. Noted :) Thanks for watching!

[@vasanthmaha]

I will be in touch with you guys.

[@MortgageBrokerAustralia]

Thanks so much Vasanth, look forward to helping you out!

[@thunderpop20]

I’m looking to buy my own home

[@MortgageBrokerAustralia]

Thanks for watching!

[@jaydesu]

"I'm not going to say you're going to buy a million dollar house for your first home..." Me: *Watching this, living in Sydney in 2021...*

[@MortgageBrokerAustralia]

LOL!! So true oh man

[@thejattlord]

Most White Aussies have a headstart in the property market, thanks to them getting help from their parents, being beneficiaries of trusts set up by family, and receiving inheritances.

[@MortgageBrokerAustralia]

Thanks for watching thejattlord 😊

[@toddcrews3284]

balken archetect 20 years ago 30 year old videos

[@MortgageBrokerAustralia]

Thanks for watching!

[@yourgflikesit]

AUDIO: all kinds of out of sync

[@MortgageBrokerAustralia]

Hey @yourgf, yeah sorry I have noticed that sometimes on certain phones. Seems to work when watching YT on web otherwise check out some of the newer videos we have cleaned them up a bit since then! Cheers, Jayden.

[@sumaleehonpho4275]

H

[@MortgageBrokerAustralia]

Thanks Sunalee for watching 🙌

[@lesserdog7229]

Why am I here?

[@MortgageBrokerAustralia]

Lol good question! Hope you liked the video tho!

[@tomsoleymanbik3266]

Let me let you know you have 6 properties losing value well done!

[@MortgageBrokerAustralia]

Thanks for watching!

[@mak7587]

You talk to fast

[@MortgageBrokerAustralia]

Lol too much coffee :)